Mindax (MDX) H1 2025 earnings summary

Executive summary

• Mindax Limited reported a net loss after tax of $1,142,760 for the half-year ended 31 December 2024, an improvement from a $1,345,202 loss in the prior corresponding period.

• Operations focused on advancing the Mt Forrest Iron Project, reviewing existing projects, and exploring new opportunities.

• The company completed phase two of the Mid-West Shared Infrastructure Project (MWSIP) and continued to pursue development and partnership options.

• Additional exploration at Mt Lucky and Meekatharra Gold Projects identified prospective targets, with further drilling and interpretation ongoing.

Financial highlights

• Revenue from continuing operations was $12,353, up from $7,382 in the prior period.

• Total comprehensive loss for the half-year was $1,142,760, with a basic and diluted loss per share of 0.05 cents (vs. 0.06 cents prior period).

• Cash and cash equivalents increased to $607,482 at period end, up from $520,043 at 30 June 2024.

• The company received $874,318 in R&D tax incentive rebates related to the MWSIP study.

• Net cash outflow from operating activities was $654,895, a reduction from $1,042,447 in the prior period.

Outlook and guidance

• Mindax is seeking alternative joint venture partners for Mt Forrest and continues to explore pathways to advance the MWSIP.

• Ongoing geological interpretation and planning for follow-up drilling at Mt Lucky and Meekatharra Gold Projects.

• The company received $6.5 million in additional funds from sophisticated investors post-period, with further share issues pending.